NetSol Pakisan Posts Increased Profit for FY 09/10

NetSol Technologies Ltd. (Pakistan), a division of NetSol Technologies, Inc. servicing the Asia-Pacific region, announced financial results for the year 2009-10, ended June 30, 2010.

Financial Highlights 2009-10

• Revenues increased 53 % over corresponding financial year 2008-09.
• Gross profit rose 152 % over 2008-09.
• Net income increased Rs. 636 million over fiscal year 2008-09.

NetSol PK reported solid growth during 2009-10 while its revenues stood at Rs 2,031 million (US $ 23.64 million), which represents a 53 % increase as compared to Rs 1,324 million (US $ 15.41 million) reported for financial year 2008-09.

Gross profit in the fiscal year rose 152 % to Rs 1,366 million (US $ 15.90 million), as compared to Rs 543 million (US $ 6.32 million) reported in the financial year 2008-09.

NetSol PK reduced its cost of sales during 2009-10 to 33 % of revenue as compared to 59 % of last fiscal. As a result, gross margin improved to 67 % compared to 41 % in the corresponding fiscal year.

Company’s net profit margin improved, approaching 48 %, compared to 26 % achieved a year ago. Diluted earnings per share showed upward trend to 12.38 Rupees per share (US $ 0.14 per share), compared to 4.12 Rupees per share (US $ 0.05 per share) reported in the corresponding year of 2008-09.

The Board of Directors proposed a final dividend for the year ended June 30, 2010 of Rs. 1.25 per share.